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Philippines: Keeping up with the TRAIN

Taxpayers can now heave a sigh of relief as another tax filing season has come to pass. As we enter the fifth month since the implementation of Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 11-2018 […]

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Philippines: Peso falls to 11-year low

MANILA, Philippines — The peso continued to weaken yesterday, shedding 13.5 centavos to close at a fresh 11-year low amid the country’s weakening external payments position due to the widening trade and current account (CA) deficits. The local currency closed at 52.465 to $1 yesterday from Friday’s 52.33 to $1. This was the weakest level […]

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Philippines: Tax amnesty bill eyed for passage in June 2018

MANILA, Philippines — The Department of Finance (DOF) is seeking the approval of Congress for the proposed tax amnesty bill by June, Finance Secretary Carlos Dominguez said yesterday. During the 65th Rural Bankers Association of the Philippines (RBAP) national convention in Davao City, Dominguez said the government is pursuing the passage of the succeeding packages […]

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Philippines: Labor issues hurting exports, says trade exec

MANILA, Philippines — Uncertainties in the labor sector brought about by the issue of contractualization have caused significant harm to the country’s exports which contracted for the second consecutive month in March after more than a year of expansion. Sergio Ortiz-Luis Jr., president of the Philippine Exporters Confederation Inc. and vice chair of the public-private […]

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Philippines: BSP hikes rates, first in more than 3 years

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) finally raised interest rates for the first time in more than three years yesterday, saying monetary authorities are ready to take further policy action to temper inflationary pressures. BSP Governor Nestor Espenilla Jr. said in a press conference the central bank’s Monetary Board decided to raise […]

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